tv Bloomberg West Bloomberg October 6, 2015 8:30pm-9:01pm EDT
we're doing everything we can to give you the best experience possible. because we should fit into your life. not the other way around. ♪ emily: welcome to the vanity fair summit, a gathering of powerful minds in technology and media. ♪ emily: this is bloomberg west. coming up a technology firm is , scrambling after the europeans overturn a data collection of agreement. plus, one day after being named twitter's ceo, an important new product to attract more mainstream users and the founders and a celebrity surprise joins us.
we sit down with some big innovators. and a celebrity surprise joins us. jared leto photobombed us. we are in the heart of san francisco. this is where technology and his -- and business, media come , together for conversations about innovation and shaping the future. one of them is a startup that has a faster and less painful alternative to blood testing. it is now worth $10 million. it makes the ceo the world's youngest billionaire. joining us on the set, i am so excited that you are here. i have been watching the company rise and this is something you founded it when you were 19 years old and you dropped out of college to do it.
so, i would just love to hear from you, they are your vision for us on where you want to take this company. >> it is wonderful to be here and this is a wonderful program. our company is about realizing a where early detection and prevention become a reality, and we want to take this company to a place in which, because of our work person by person, everybody , has the right to have access to health information at incredibly low cost and in a wonderful way. that means changing the way we think lab testing is done today. emily: one of the things about your technology is that you can , take a fingerprint and run -- print of blood, and run dozens of test saving money and , pain. how much are you saving? >> we start with money and we have taken 200 tests available for less than $10. 300 tests are less than $15.
that means cholesterol is $2.99. ,where could cost hundreds. that means people with high deductibles can afford it. in the same way, we have done the same thing with blood and reducing the amount of blood taken from the arm. >> i have not encountered the tests. what are the hurdles? to getting into more states, are the regulatory, or basically ownerships with companies like walgreens? >> we have a wonderful partnership with walgreens, which is national. >> it is limited. >> exactly. we have a couple of locations in california and we just started in pennsylvania. but, for us, it is really about making sure we build a solid foundation. there are too many companies that have grown too fast.
in the space you cannot afford , to do that because the stakes are too high. so we think about it person by , person and city by city to build on it as we can ensure the integrity of the service. >> what is next after arizona and pennsylvania? >> california. emily: you are giving us the power to do blood tests without the need for a doctor. rb going to see you trying to spearhead this kind of legal issues in other states? where are we going to see this next? >> i had the privilege of drafting this thing i believe in so strongly. because, i know it means to not be able to get access to information and time. we believe this is something that should be a right for every person. we are working to do it state-by-state. >> if you get approval for the diagnostic devices, what will be
the impact on the rest of the markets? >> we were fortunate to get the first clearance and clear away verse system this summer. it has been interesting to see the response from the industry , because they have aggressively fed false information about us to journalists and physicians in markets we are in. we work hard to keep our heads down. because, i have always believed that, person by serving -- person by person, we serve, the integrity will speak for itself. >> how seriously does this disrupt the business model? emily: how much could it hurt their business and help yours with the fda approval? >> i believe it should be the standard for all lab tests and, right now, it is not. that is a controversial position to take.
that is probably part of why we are seeing this kind of reaction. but, i can't speak for them, what i can tell you is that we are working to solve the problem of every person being able to engage with their own health information and we are building the business in a different way. i think this helps to change the market and what it means for the individual to be engaged in the testing, which will change everything in health care. the minute you allow consumers to play a role, you allow consumers to create a market that does not exist, right now, and health care. that is the beginning of innovation. >> this is valued over $10 billion. what is next? >> we like being private. we are in an incredibly fortunate position where we have built a business around operations. >> you have a board with henry
kissinger and george scholz. if you have to negotiate a treaty with russia, you are in good shape. >> it is incredible and we use the board for good strategy. this is about changing the health care system. there's a lot of strategy that goes into that. it has been wonderful to be part of this and to have the privilege of people who have built a phenomenal company and others who really understand what it means to lead a great business. emily: you are trying to reform medicare and medicaid. what do the programs look like? well of a look like 50 years from now? >> the incredible win would showcase technology and savings can be realized without having to cut programs or raise taxes.
what that means is, 10-20 years from now, companies come in, as we have been doing, and they bill medicare and medicaid. federal and state programs are beginning to realize savings just to the market working. that is one of the amazing things about this country is that we have such phenomenal creativity and innovation that can be applied toward solving policy issues. emily: the founder and ceo of theranos. thank you for joining us. we will be watching. meanwhile thousands of american , companies have a major problem on their hands of the european union top court overturning an agreement today that allow american companies to handle the day to of european consumers. under a "safe harbor" agreement, they were allowed to transfer
personal data of european citizens back to the united states. the ruling raises serious questions about whether companies like amazon, facebook, google operating in europe without breaking the law. coming up from the vanity fair summit, we have julia with us. is this unicorn going public anytime soon? ♪
emily: jack dorsey is not wasting any time to grow the user race after seeing named the permanent chief. he rolled out a thing called "moments." it is designed to appeal to people who are not regular users. it organizes top tweets around huge events like the super bowl or the oscars. this is what had been called project: lightning. we spoke to him about the project. >> for me, it is a platform that has more potential than any large company out there. i imagine scenarios where it goes eight times higher than it is today. that is a lot harder to say about other companies that are more mature into their model. still, a lot of work to make that happen. the most important people in the world in almost every sector covet and generate the twitter handle.
that is a lot of potential energy, if you can harness it. emily: optimistic. on that same note, another man told us that perhaps jack dorsey does not have a hard job at all. >> it has an easy job, right? they have been mismanaged as badly as possible. so if he is able to fix a lot of , basic things, which, from a moral authority, he has to be able to do, these things are never easy in business. he has a nice tailwind. emily: we are back at the vanity fair establishment summit. still with me is brad stone. joining me now is the founder, julia. great to have you on the show. you guys recently made an
appearance in fortune magazine as one of the top places to work, and you trumpeted some of the diversity numbers, and i want you to share this with us, because i think those are really important. you both worked really hard to diversify your own organizations. we were so excited to read julia: we were excited to rank number 50 in the first year on the list. it was truly aging come true for me. included in this was the gender stats. they are above average. we have known this for a while, so across the board 50-50. , technical, 25%. still working on that. also executives, 40%. , it was good to see a nod to that. because it has been a part of , our culture for the last 10 years. >> a new list today is called "the future list." it ranks firms and it was pretty dismal. we arty know that the numbers
are not great in venture capital when it comes to women, but what is your reaction to something like this? julia: they have a lot of work to do. to get to where companies like ours is today. it is not about the vc firms. it is about women founders and leaders. role models, that is the most potent form of changing gender inequality. when i look at elizabeth holmes -- emily: exactly. you are the second female founder on our show today. you guys are doing pretty well. julia: it is hard to be a mother and a founder. you put those two together, and you have a hard proposition. the more i have women around me, the more i feel empowered. we need to make sure that, as a company, we are supporting working parents and we are honest with ourselves when we have an area that we need to work on.
>> $200 billion in ticket sales. talk about the momentum and why it keeps building. julia: we have capped a wide gap with ticket income providers and the do-it-yourself list. the gap was large and we are a multi-category ticketing platform. there is a real use for that in the world. you have tens of millions of active consumers were actually coming back to us to find good life experiences. humans like to connect and they come to events like this summit. we need that connection. we bring the world together through ticketing. it turns out that it is a good business. >> do you embrace the definition of, "unicorn?" >> i guess we are magical. but, for as it is about, can wait for phil are promised to
our investors and to ourselves that we can drive real value? >> if the climate shifts, what you do to adapt? >> in the last nine months -- before, we were going for efficiency will stop we saw the writing on the wall. rodeo, sot our first we knew that we do to make ourselves bulletproof if we wanted to stay independent. i'm happy to say that we are on that path. emily: you said that eventbrite will go public and company should operate like they are going public some day. the idea that you never have to go public is unhealthy. what is your response to that and what are your plans now? julia: i agree that we should be operating as if we are going
public tomorrow. we do not want to go public tomorrow. but we are getting ourselves , ready to be a sustainable independent company with option audi. that works in both the private and public market. the idea that you cannot rely on capital markets for your growth, you have to start to self fund your own growth, and that is really what we are keying in on. efficiency is something that is going to be number one if you're going to stay independent. i think it is a totally different ballgame. emily: it is not about being sexy. it is about building a great business. great to have you with us. thank you for stopping by. unicorns, we of also caught up with the flickr cofounder earlier today. the company has doubled the valuation over the past year.
let's see what butterfield says $2.8 billion. about us not seeing in a bubble. >> there will be a correction at some point. we have had a great seven-year run on the public market. pop and there is nothing behind it, or will we , see an adjustment? these companies need strong valuations and a lot of growth. will the bubble pop? that is the argument i have. there is something behind this. emily: as we wrap up the conversation, a guest. >> a new way of drafting socially. emily: all right, stewart butterfield. jared leto! >> it is good to see you. emily: this is a photo bomb. what are you investing in? >> my best investor is, i kid
you not, slack. i'm a very proud investor and a very proud user of the product. my e-mail list has shrunken by 70%, and he is made my company more efficient. >> is that the joker hair? emily: is that batman? i am still giddy he crashed our party. bradley cooper is here, too. it has been a pretty good day. we will have more from the vanity fair summit coming up. ♪
establishment summit here in san francisco with a who's who of silicon valley. facebook ceo, mark zuckerberg is on the top of the list this year and the cover of the magazine. joining me is the writer of the cover story on zuckerberg. >> you are the unicorn journalist. emily: you have been beating us all. >> thank you. emily: let's start with the summit and how you compiled the list. the speaker list today. it is a killer list and these are people who are really tough to get. >> starting in february, march, we call every smart person we know and we say, "who has the most influence?" we are thinking about the business influence and also the cultural influence. we just start trying to whittle it down. there is a secret sauce that goes into the final rankings. and, there you have it. we have a lot of people show up
and do live conversations. emily: i thought your piece on zuckerberg was incredible and it had so much we did not know. talk to me about writing that and meeting mark. hearing his version of virtual reality that no one has seen. >> it is amazing and it gives you a sense of how expansive his vision for facebook is. because you look at instagram , and those acquisitions that sort of fit into a vision of facebook that is very narrow. then you look at something like virtual reality is not an obvious fit. transitioned into this mode where he is thinking way ahead. then you have a $2 billion acquisition for a virtual reality -- >> are you a believer and how'd you think we will use virtual reality when we are old? >> i think, in the next few years, you will see it on airplanes.
gamers, in their homes, you will see it. i think, maybe 20 years from , now, some businesses. i do not think we are going to be plugged into the matrix anytime soon. although there are people at , facebook who are thinking along those lines. emily: what do you think the highlights have been so far today and tomorrow? >> watching lena and instagram talk about the platform was fascinating. i think she made a little bit of news when she dissed twitter. emily: she said she was going to stop using twitter. but she still uses it. >> she says she e-mails to somebody who tweets on her behalf. >> i thought watching the bubble panel was kind of interesting. it was gloomy and a lot of people were feeling dark.
that was new to me. >> why do you think people are consumed about the question of the bubble? there are upturns and downturns like clockwork. it is inevitable. >> there may be a counterintuitive thing where we decide to party on. emily: someone said that we are in a bubble. he called it. >> uber, your article was along the lines of, "why do we all love uber?" is that true? is it time for them to make their victory lap? >> i think it is a useful service and there is so much negative press. when you take a few steps back and how amazing and life-changing it has been, it is remarkable. there are not too many companies like it. it is on the level of facebook. emily: thank you so much. thank you for joining us.
♪ >> from our studios in new york city, this is "charlie rose". charlie rose: the u.s. supreme court begins a new term. voting rights, affirmative action are on the docket. the justices may decide to take cases on contraception and abortion. was term, same-sex marriage nationally legalized, and the affordable care act was upheld. this term, more decisions will be made. to talk about these issues, adam and jeffrey. i am pleased to have both. let me go first to adam, what does this look like and what do